Norway company’s bid good news for DayStar?

The move by Norsk Hydro ASA of Norway to acquire 1.6 million shares of Ascent Solar Technologies Inc. on March 13 may be very good news for solar-cell manufacturer DayStar Technologies Inc. of Halfmoon.

DayStar is seeking as much as $30 million to build full-scale manufacturing facilities in Malta.

Ascent’s deal to raise $9.2 million from Norsk Hydro is seen as very promising for DayStar by Ant & Sons LLC, which runs a financial commentary Web site.

“It seems apparent that there is growing interest in the solar power industry, and (that) suggests that more funding could be in the works for other players in the industry,” Ant & Sons wrote March 15. “Could DayStar… be next?”

It’s also interesting to note that DayStar’s stock has risen nearly 30 percent since the Ascent news, going from $4.10 at the end of trading March 12 to $5.24 at today’s close.

Of course DayStar also announced today that it has appointed turnaround specialist Kevin Flannery to its board of directors, which could show that the company, which lost $20 million last year, is seriously working its way toward profitability.